Apple Pay in summary

Below is a summary of the launch yesterday.

Apple Pay mobile payment   


  • iTunes account with Visa or MasterCard or Amex card on file and issued by issuing banks with an agreement with Apple; American Express, Bank of America, Capital One Bank, Chase, Citi and Wells Fargo at availability with additional banks coming quickly thereafter including Barclaycard, Navy Federal Credit Union, PNC Bank, USAA and U.S. Bank.
  • iPhone with NFC, embedded Secure Element, Touch ID (eg. iPhone 6, 6+ and Watch)


  • POS enabled for contactless payment (eg. Mastercard PayPass, Visa payWave, Amex ExpressPay)
  • No new agreement
  • Fee is normal swipe card fee
  • No liability change (Issuer liability)

Issuing bank

Integration of cards to Apple’s system


  • No charge for users, merchants or developers for transactions
  • Agreement with each individual bank and cut of transaction to Apple

Where and when

  • From October via a free upgrade of iOS 8 to iPhone 6 and 6+
  • USA
  • 220 000 locations with contactless payments enabled
  • Other countries will come

How it works

Instead of using the PAN (card number), a unique Device Account Number is assigned, encrypted and securely stored in the Secure Element on your iPhone or Apple Watch. Each transaction is authorized with a one-time unique number using your Device Account Number and instead of using the security code from the back of your card, Apple Pay creates a dynamic security code to securely validate each transaction.

  • In-shop, chose card in the passbook wallet, press Tounch ID and tap mobile at the NFC enabled payment terminal.
  • Online shopping in apps with iPhone with the touch of a finger. At checkout chose Apple Pay, authenticate and signing of transaction via Touch ID.
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